Falling home prices aren't good news for homeowners who purchased homes during the boom, but the drop could mean affordable buying opportunities. Fifty-five percent of homes sold from April through June were affordable to Americans earning the median household income of $61,500, and prices dropped from $240,000 during the same time last year to $215,000 this year.
The obvious growing affordability of houses in the US hasn't translated into increased sales. A National Association of Home Builders economist explained, "Actual sales haven't picked up, because people are waiting on the sidelines as they fear home prices will continue to decline."
Indianapolis's median home price of $108,000 has positioned the city as the most affordable metro area in the US. On the other end, New York — with its median home price of $481,000 — edged out last year's Los Angeles as the metro area with the least affordable housing. Are you shopping for a house any time soon or holding out for prices to drop?